GDP Rises By 0.8% in October – Statistics Canada



Statistics Canada said real gross domestic product increased by 0.8 per cent in October, expanding for a sixth straight month in November.

Both goods-producing (+1.6%) and services-producing (+0.6%) industries were up, with 17 of 20 industrial sectors posting gains in October, Statistics Canada said.

Advance information indicates that real GDP increased 0.3% in November. Leading the growth were accommodation and food services, wholesale trade, construction, and the arts and entertainment sectors, while the mining, quarrying, and oil and gas extraction sector offset some of the gains. Owing to its preliminary nature, this estimate will be updated on February 1, 2022, with the release of the official GDP data for November 2021.

The manufacturing sector rebounded 1.8% in October, more than offsetting a 1.5% contraction in September, with both durable and non-durable goods manufacturing contributing to the growth.

Durable manufacturing grew 1.9% in October, led by a 9.3% rebound in transportation equipment manufacturing. The output of motor vehicle (+47.8%) and motor vehicle parts (+13.1%) manufacturing facilities bounced back strongly in October, largely offsetting September’s declines, despite the ongoing global semiconductor chip shortage and other supply chain issues that have disrupted consistent production.

Non-durable manufacturing was up 1.7% in October, more than offsetting a 1.3% drop in September, as the majority of subsectors expanded. Plastics and rubber products manufacturing (+5.8%) contributed the most to the growth, partly due to higher demand from motor vehicle and motor vehicle parts manufacturers. Further contributing to the growth were beverage and tobacco product (+6.3%), chemical (+1.9%) and food (+1.3%) manufacturing. Petroleum and coal product (-1.7%) and paper (-1.1%) manufacturing offset some of the gains.

Media Mayor Inc.

Comments are closed, but trackbacks and pingbacks are open.